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Financial Services

The most pressing issue facing financial institutions in the Third Congressional District is the compliance burden from Dodd-Frank regulations. The Dodd-Frank regulations were meant to lift the economy out of recession and end the “too big to fail” phenomenon that came out of the 2008 financial crisis. Instead, the one-size-fits-all regulations have hurt community banks, stunted the growth of small businesses, and limited credit options for lower-income Americans. As a member of the House Financial Services Committee, I am working to provide our small banks and credit unions relief from heavy-handed Dodd-Frank regulations that should never have been applied to them in the first place.

The Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017 (H.R. 1457) passed with high bipartisan support on a 397-8 vote.

The MOBILE Act increases access to mobile banking services by requiring states to allow consumers to use electronic scans of their driver’s license or other personal identification to set up bank accounts on mobile devices.

WASHINGTON D.C. – The House of Representatives passed Congressman Scott Tipton’s (CO-03) legislation which would make mobile banking more obtainable for all Americans. The Making Online Banking Initiation Legal and Easy Act of 2017 (H.R. 1457), otherwise known as the MOBILE Act, passed the House with a vote of 397-8.

WASHINGTON D.C. – Congressman Scott Tipton (CO-03) made the following statement after the Consumer Financial Protection Bureau (CFPB) announced changes to its Prepaid Card rule, including an extension in the effective date of these changes.

WASHINGTON D.C. – Congressman Scott Tipton (CO-03) voted for legislation that will reduce the regulatory burden on small banks and credit unions, providing relief for American families. The Home Mortgage Disclosure Adjustment Act (H.R. 2954) passed the House with a vote of 243-184.

There are many challenges facing hard-working families trying to maintain their way of life in rural America, but one of their greatest obstacles may be lack of access to a physical bank or credit union.

Bank accounts are an important tool for financial stability for Americans of all income levels in all parts of the country. Having a bank account helps families save money securely, pay bills in a timely fashion and better plan for their future financial needs.

WASHINGTON D.C. – Representatives Scott Tipton (R-CO) and Carolyn B. Maloney’s (D-NY) Financial Institutions Examination Fairness and Reform Act of 2017 (H.R. 4545) has been approved by the full Financial Services Committee with a bipartisan vote of 50-10, and will now move to the House Floor for consideration.

WASHINGTON D.C. – Congressman Scott Tipton’s (CO-03) Making Online Banking Initiation Legal and Easy Act of 2017 (H.R. 1457), otherwise known as the MOBILE Act, has been approved unanimously by the full Financial Services Committee and will now move to the House Floor for consideration.

WASHINGTON D.C. — Congressman Scott Tipton’s (CO-03) Congressional Accountability for Emergency Lending Act of 2017, a bill to implement Congressional oversight over the Federal Reserve’s 13(3) Emergency Lending practices, passed out of the Financial Services Committee and will now move to the House Floor. The bill cleared the Committee with a vote of 34-25.

WASHINGTON D.C. -- During a hearing in the House Financial Services Oversight and Investigations Subcommittee, Vice Chairman Scott Tipton (CO-03), stressed the importance of guaranteeing that every federal dollar allocated for disaster recovery within the Department of Housing and Urban Development (HUD) is properly spent.

Congressman Scott Tipton’s (CO-03) Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 1116) has passed through the House Committee on Financial Services with a bipartisan vote and will now move to the House floor. The bill provides community banks and credit unions relief from onerous regulatory compliance burdens by requiring federal regulatory agencies to tailor regulations to fit the business model and risk profile of institutions.